Global oil demand growth is losing momentum, with annual gains easing from 2.8mbbl/d in Q3 2023 to 1.8mbbl/d in Q4 2023, the IEA said in its oil report. 

The IEA’s February 2024 oil report said that the expansion in global oil demand is set to decrease by 1.2mbbl/d in 2024, compared with 2.3mbbl/d last year. 

The report said: “The expansive post-pandemic growth phase in global oil demand has largely run its course,” citing a sharp slowdown in China’s oil consumption. 

In January, global oil supply experienced a significant decline of 1.4mbbl/d compared with the previous month due to the Arctic blast that resulted in the shutdown of oil production in North America, alongside OPEC+ cutting its output. 

Despite this, the report said record output from the US, Brazil, Guyana and Canada will boost non-OPEC+ supply by 1.6mmbl/d this year. This is slightly less than in 2023, when global oil supply rose by 2mmbl/d to reach an average of 102.1mmbl/d.

In January, amidst escalating tensions in the Middle East and supply disruptions in North America, ICE Brent futures saw a rise of $5 per barrel of crude oil, the first monthly gain since September. 

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“While oil on water surged by 60 mb [million barrels] in December due to end-year tax considerations and as several tanker owners diverted ships away from the Red Sea to around the Cape of Good Hope, observed onshore stocks declined by nearly 40 mb,” the agency said.